Oil price rises to $95/barrel amid renewed US-Iran tensions
“The closing prices were the highest for Brent since July 24 and for WTI since July 23.(Web Desk) - Brent crude, the global oil price benchmark, rose by 5.38 per…”
US West Texas Intermediate (WTI) also increased by 5.95 percent to $90.86 a barrel. The closing prices were the highest for Brent since July 24 and for WTI since July 23., the price surge came as traders feared further supply disruptions from the Middle East following renewed attacks involving the US and Iran.
On Tuesday, the US launched new air strikes on Iranian targets, in a move that threatened to reignite the six-month-old conflict. US President Donald Trump, on Monday, threatened further strikes against Iran after the first exchange of direct attacks in a month, raising tensions in a conflict that had recently shifted into an economic standoff.
Trump said US air defences had downed all Iranian missiles that could have caused any damage and that new US economic sanctions on Iran were having a big impact.
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Iran had launched missiles overnight at two US air bases in Jordan in response to a US attack on Iran’s Larak Island, where Washington said it had struck Iranian launchers firing mines into the Strait of Hormuz. In Nigeria, rising international oil prices have also filtered into the downstream sector, with petrol prices climbing above N1,300 per litre.
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